Five Years After: European Union Membership and Macro-Financial Stability in the New Member States

March 1, 2009

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Format: Chicago

Martin Cihak, and Wim Fonteyne. Five Years After: European Union Membership and Macro-Financial Stability in the New Member States, (USA: International Monetary Fund, 2009) accessed November 21, 2024

Disclaimer: This Working Paper should not be reported as representing the views of the IMF.The views expressed in this Working Paper are those of the author(s) and do not necessarily represent those of the IMF or IMF policy. Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate

Summary

The proximity of the European Union, the prospect of membership, and actual entry by the New Member States (NMS) increased economic and financial integration in the region, leading to fast economic growth based on sizeable capital inflows. EU membership helped in developing sound macroeconomic and financial stability frameworks in the NMS. However, these frameworks remain work in progress and as such could not safeguard against private sector exuberance or risky policies, especially in the face of an unprecedented global financial crisis. Hence, more prudent policies and further strengthening of policy frameworks, especially with respect to financial stability, seem warranted.

Subject: Banking, Emerging and frontier financial markets, Financial integration, Global financial crisis of 2008-2009, Inflation

Keywords: Country authorities, EU membership, NMS country, Sovereign bond, WP

Publication Details

Pages:

67
Volume:

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DOI:

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Issue:

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Series:

Working Paper No. 2009/068
Stock No:

WPIEA2009068
ISBN:

9781451872156
ISSN:

1018-5941

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